IDA GRANT: US$9 million
PROJECT DESCRIPTION: The objective of the project is to reduce Haiti's financial vulnerability to natural disasters (earthquakes and hurricanes). This will be achieved through the establishment of the Caribbean Catastrophe Risk Insurance Facility (CCRIF) and the financing of catastrophe insurance coverage from the Facility. The project aims to allow Haiti to join the CCRIF and benefit from financial protection against catastrophic earthquake and/or hurricane events. Without this grant, it is unlikely Haiti would join this pilot initiative that represents the first entity created to protect small island states from the financial impact of natural disasters.